Top-5 Cryptocurrencies Worth Watching This Week: Price, Forecasts
When the world was in a panic, the stock market and gold entered a phase of uncertainty, Bitcoin demonstrated its viability and resistance to powerful external factors, such as the spread of the pandemic and the drawdown of the global economy. Crypto analyst Travis Kling noted. that Bitcoin has become the most profitable asset, as the flagship cryptocurrency profitability increased in the first quarter of 2020, increased by 0.60%.
The upcoming Bitcoin halving is fueling interest in cryptocurrency. Now it’s almost impossible to predict exactly how Bitcoin will behave after halving. There are two ways: either the price will soar, or fall to the bottom. Time will show which of these paths Bitcoin will take.
Now Bitcoin is under the influence of bulls. A price break above $9,000 was a pleasant surprise for the crypto community. There are two event deployment scenarios for Bitcoin.
The first of these is the prevalence of bullish sentiment and a breakthrough in the price of BTC above the resistance level of $9,200. In this case, it is expected that the price of Bitcoin can reach a local peak of $10,000. If the up trend continues, the price of Bitcoin may rise to $10,900.
According to the second scenario, if the bears won, the price of BTC would drop to lower levels of resistance. Initially, the price may drop to a 10-day moving average of $8,320. If the bears continue to prevail, the price of BTC may drop below this indicator and trade in the range from $8,175 to $7,700.
Ethereum Classic (ETC) at the beginning of May also began to move upstream. If the bullish momentum persists, the ETC price can jump the resistance level at $7.04147 and reach the mark of $8,65. In the most positive scenario, the price of ETC could rise to $10.
If the bears win, an ETC price correction is expected at the level of $7.05 – $7.60.
The Throne (TRX) is close to a sharp price breakout. If the bulls can heat up the price, TRX can bounce off the support level at $0.0167242 and reach the mark of $0.0183655. If the upward movement continues, TRX may jump to the local top at $0.021.
But in case the price turns back under the influence of bears, TRX may return to the initial support line at $0.0167242.
The Bitcoin Cash (BCH) rate over the past month has been kept at around $200- $280. Quite stable bullish impulses are observed here. If the BCH makes a breakthrough and maintains the rally, its price could reach $350. If the bears win, the BCH price could drop below the 10-day moving average to $200.
Stellar Lumens (XLM) has been in an uptrend over the past two weeks. Now traders have favorable conditions for the purchase of an asset. If the price of XLM falls below the 10-day EMA, it may stop at the support level of $0.060. If the bulls win, the price of XLM can jump up to $0.08 and above.